Property News · September 16, 2017

The elderly could do with a national wealthcare service


Help with day-to-day banking from family members, banks and technology would go a long way to make older people feel less financially vulnerableI spoke to the daughter of an 83-year-old woman this week who has never used a cash machine. She has never set up a direct debit or standing order. She has certainly never used contactless. But she has full mental capacity. It’s just that after 60 years of her husband running every aspect of the family finances, she has now found herself handling money for the first time due to his ill-health. Much has been done to help youngsters learn about money, with personal finance lessons introduced in schools. Do we need more of a national effort to help elderly people facing the same acute lack of financial understanding?The daughter admits to almost comical moments during her mum’s first few weeks of managing money. The only way she has got cash is by going to Marks & Spencer, buying something of low value and then asking for cashback. The M&S card is the only one she has used in her life. And now that she has the use of a standard debit card she has told everyone the formula for her four-digit password – the number of children she has, followed by her birthday. And how she keeps a copy of the number in her purse should she forget. Even so, she’s yet to use an ATM. Continue reading…

Source : theguardian.com
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